NEW ZEALAND WOOL SALES

Dominion, Volume 23, Issue 82, 31 December 1929, Page 9

NEW ZEALAND WOOL SALES

LIGHT ON BRITISH OPINION NEW POLICY ADOPTED BY IMPORTERS (Rec. December 30, 11.10 p.m.) London, December 30. A Bradford message states that further light on British opinion regarding the New Zealand wool sales in May and June comes from Mr. William Hunter, former president of the British Wool Federation. He expresses the opinion that whatever wool is not sold in New Zealand can be sold in London when growers decide to accept the market prices before the war. .A very large proportion of colonial clips was sold in London, and the industry drew its requirements from that reservoir. Since the war there has been a deliberate policy on the part of growers and selling brokers i'* New Zealand and Australia to offer tthe major portion of their wool within four or five months. They were anxious to perpetuate this, policy, but owing to the changed financial conditions Importers were compelled to adopt a more conservative policy in buying. They are not prepared, without encouragement from other sections of the industry, to relieve the grower of the burden of carrying colonial clips for the use of consumers pending the arrival of the following clip. Mr. Hunter added that the statement that New Zealand will lose five millions ing colonial clips for the use of conentirely erroneous. The growers of wool, like producers of every other commodity, were obliged to accept the world market price. Moreover, the federation’s attitude would not. alter' the selling value of the clip in any way. The law of supply and demand would determine its price.